Page 29 - Raco 2017

HONORARY TREASURERS REPORT & AUDIT 2016
29
Biennial Delegate Conference 2017
REPRESENTATIVE ASSOCIATION OF COMMISSIONED OFFICERS
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2016
(AN ASSOCIATION PURSUANT TO THE DEFENCE FORCES REGULATIONS S.6)
1. ACCOUNTING POLICIES
Association information
The Representative Association of Commissioned Officers was formally established in 1991 by statute under the Defence Amendment Act. Defence Forces Regulation S.6 is the Statutory Instrument that gives effect to the Act and governs, inter alia, the establishment, funding and operation of Representative Associations in the Defence Forces. The Scope of Representation of the Association, as set out in DFR S.6, includes the pay and conditions of service for members of the Army, Air Corps and Naval Service.
1.1 ASSOCIATION CONVENTION
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Defence (Amendment) Act 1990 and the Defence Force Regulation S.6.
The financial statements are prepared in euros, which is the functional currency of the association. Monetary amounts in these financial statements are rounded to the nearest €.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 GOING CONCERN
At the time of approving the financial statements, the National Excutives have a reasonable expectation that the association has adequate resources to continue in operational existence for the foreseeable future. Thus the National Executive continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3 MEMBERSHIP
Membership subscriptions represents the contributions of the commissioned officers from whom deductions were made and
2016 2015
Members 1,033 1,086
1.4 TANGIBLE FIXED ASSETS
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings 2% straight line Equipment 20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to income or expenditure.
returned in this year.